15
See all 15 photos
$175,500
Est. payment /mo
7 Beds
3 Baths
3,885 Sqft Lot
New
9223 Adams AVE Cleveland, OH 44108
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Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
Subdivision Superior Park 04
MLS Listing ID 5246472
Bedrooms 7
Full Baths 3
HOA Y/N No
Year Built 1926
Annual Tax Amount $939
Tax Year 2025
Lot Size 3,885 Sqft
Acres 0.0892
Property Sub-Type Duplex
Property Description
Turnkey as-is investment opportunity with strong value-add upside and cash-cow potential at 9223 Adams Avenue in Cleveland. This duplex features two 2-bedroom, 1-bath units and is being delivered vacant and rent ready, allowing the next owner to immediately place tenants and begin generating income. The property is underwritten at $2,320 per month in combined HUD Fair Market Rent, supporting an estimated 10.09% cap rate as currently configured.
What makes Adams especially attractive is the combination of turnkey condition today and significant upside tomorrow. The property is Lead Safe Certified and can be operated as-is, while the existing third-floor layout creates a compelling value-add opportunity. The building was previously used as a triplex, and the upper level still includes two additional bedrooms, a full bathroom, kitchen plumbing and electrical, and a great room. This creates a potential path to convert the upper unit into a 5-bedroom unit, increasing achievable HUD rent, or potentially restore an additional income-producing unit subject to current City of Cleveland zoning and approvals.
Located in Cleveland's 44108 Glenville area, the property is minutes from University Circle, Case Western Reserve University, Cleveland Clinic, and University Hospitals, providing convenient access to some of Northeast Ohio's largest employment centers.
9223 Adams Avenue is also available as part of a four-duplex, eight-unit Cleveland investment portfolio offered at $702,000. The portfolio includes 15332 Welton Dr, 3611 E 116th St, 9223 Adams Ave, and 10906 Nelson Ave, with more than $120,000 in capital improvements completed across the portfolio.
For investors seeking a turnkey cash-flowing asset with strong value-add potential, Adams offers the ability to operate the property as-is while retaining multiple opportunities to increase future rental income and overall property value.
What makes Adams especially attractive is the combination of turnkey condition today and significant upside tomorrow. The property is Lead Safe Certified and can be operated as-is, while the existing third-floor layout creates a compelling value-add opportunity. The building was previously used as a triplex, and the upper level still includes two additional bedrooms, a full bathroom, kitchen plumbing and electrical, and a great room. This creates a potential path to convert the upper unit into a 5-bedroom unit, increasing achievable HUD rent, or potentially restore an additional income-producing unit subject to current City of Cleveland zoning and approvals.
Located in Cleveland's 44108 Glenville area, the property is minutes from University Circle, Case Western Reserve University, Cleveland Clinic, and University Hospitals, providing convenient access to some of Northeast Ohio's largest employment centers.
9223 Adams Avenue is also available as part of a four-duplex, eight-unit Cleveland investment portfolio offered at $702,000. The portfolio includes 15332 Welton Dr, 3611 E 116th St, 9223 Adams Ave, and 10906 Nelson Ave, with more than $120,000 in capital improvements completed across the portfolio.
For investors seeking a turnkey cash-flowing asset with strong value-add potential, Adams offers the ability to operate the property as-is while retaining multiple opportunities to increase future rental income and overall property value.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features Driveway
Water Access Desc Public
Roof Type Asphalt
Private Pool No
Building
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Schools
School District Cleveland Municipal - 1809
Others
Tax ID 109-02-115
Special Listing Condition Standard
Listed by Kim Lewis • Home Equity Realty Group • [email protected]; 803-992-1429
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